LG's display arm invests billions to take OLED mainstream

LG's much-coveted OLED screens are set to become more attainable to the average Joe. The South Korean company has announced plans to invest a further 7.8 trillion Korean won ($7 billion) into production over the next three years in a bid to meet rising demand from smartphone and TV manufacturers.

Around $2.5 billion will be spent on developing a new line of larger OLED screens, while $4.5 billion has been earmarked for a separate line of flexible OLEDs. Both production lines will be located in Paju, northwest of Seoul, furthering the company's commitment to beef up domestic production facilities by 2019. Taking into account ongoing investment, this move bumps LG's total OLED venture to 15 trillion Korean Won ($13.5 billion).

"We're clearly seeing the possibilities the OLED business offers, not only in the global TV segment, but also in the smartphone and automotive markets," said Dr. Sang-Beom Han, CEO and Vice Chairman of LG Display. "We plan to actively respond to customers' demands by expanding OLED capacity in a timely manner and developing diversified flexible displays that are fit for various applications."